Mortgage, early repayment fee ended now do I...

Sicaz69

I would like our mortgage to stay with Santander to save any, I assume, rigmorale going with another lender.. Trying to save money wherever poss at the moment so do I stick on the 4.24 variable..go 2yr fixed at 4.69 or go with tracker tracked 2yrs 3.99.. I took risk last time going with a tracker and it really paid off but I am more wary this time-although my thinking is it won't actually go up tooooo much that we would be any worse off than now..so I'm a bit stuck- thinking tracker (saving as from now nearly £60 per month sounds very tempting) but would it be worthwhile in the long run???? Would you?

hcb42

It's a very personal decision, and will depend a lot on your circumstances.

As to the would you - I recently took a two year fix (at 3.28%) so I guess that answers the question. I was tempted with a tracker too, but there wasnt a huge difference in the monthly amount. THe main downside with the two year fix for me was locking into another ERC - as we are considering moving, but it is portable, so I just hope we do link our sale and purchase to avoid this.

kingstreet

I wouldn't discount moving to another lender. Many will cover the cost of a remortgage, so you'd have no arrangement, valuation or legal costs to pay. It's worth comparing to what you're being offered to stay.

Malky

I'm coming to the end of a 5 year fixed with Santander. A quick look on the internet shows better deals to be had than what Santander have to offer. I will be shopping about a bit before I decide if I'm staying with them.
As for the hassle of changing, wouldn't you be happier knowing you've saved a few quid every month for the sake of a little bit of legwork?

Sicaz69

kingstreet wrote: »

I wouldn't discount moving to another lender. Many will cover the cost of a remortgage, so you'd have no arrangement, valuation or legal costs to pay. It's worth comparing to what you're being offered

Thank you. I just thought other lenders may not lend to us as we are now in different circumstances- i.e. Have a child now so I earn alot less money, my partner has flitted between self employed/employed over the last few years. We just about get by for money, we cover bills/mortgage etc -it just doesn't leave us ANY 'spare'!! I was also thinking about borrowing additional money when changing the mortgage to give us some help with vital home improvements etc which Santander said I could apply for which would definitely help us immensely.(would a new lender perhaps lend us 'extra') Thank you very much!